Millionaires Prefer North Texas

By: Richard Soto

The highest end of the real estate market seems to be well beyond the woes of the rest of the world. Claims of a downturn in the real estate market have had little effect on the luxury market in North Texas - in fact, sales of Dallas area mansions are up 25 per cent at a time when the lower-end of the market is dropping. Financing conditions that may prohibit those in a lower income bracket are less of an issue to the multi millionaire crowd. Tougher conditions may make the market trickier to break into for first time buyers, but with booms in the energy industry and the stock market, a whole new crowd of multi million dollar buyers, many of them young people, have popped up. In the first six months of 2007 over 500 million-dollar homes were bought in North Texas, proving that this area continues to be attractive to the upwardly mobile.

From custom homes in gated communities to turn of the century charm, it's easy to see why neighborhoods like Frisco, Bluffview, Preston Hollow and Park Cities (including the prestigious Highland Park) are attracting the big money. North Texas features a variety of architecturally stunning homes including French Country estates, Tuscan style villas and classic English Tudor homes. Not all customers are interested in pre-exizting homes and building sites in these areas are also in high demand.

With easy access to the petroleum, telecommunications, IT, and commerce industries, North Texas is a great location for the big business players. The proximity to the Dallas/Fort Worth Airport, one of American Airlines' hubs, is an added bonus, allowing a painless commute to international destinations.

It's no surprise that this area has one of the highest concentrations of billionaires in the world, but living in North Texas is just plain attractive, regardless of your income bracket: with a humid, subtropical climate and an average of just three days of snow a year, the weather appeals to the super rich and just about anyone else. Dallas's happening entertainment scene including restaurants ranked number one by Zagat, more eateries per capita than New York City and a new multi-venue performing arts center including an opera house due to open in 2009.

The old adage rings true here: Location, location, location. North Texas is clearly a preferred setting, and the multi million dollar homes in this area will continue to sell for exactly this reason.

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